Section 2UUU. (a) There is hereby established and set up on the books of the commonwealth a separate fund to be known as the Massachusetts Board of Higher Education Scholar–Internship Match Fund, hereinafter referred to as the Scholar–Internship Match Fund. The board of higher education shall hold the Scholar–Internship Match fund in an account separate from other funds or accounts. Amounts credited to the Scholarship–Internship Match Fund shall be used, without further appropriation, by the commissioner of higher education or the commissioner’s designee, under this section and in consultation with participating industry and public higher education institutions. An amount not to exceed $100,000 shall be spent each year to promote the existence of the Scholar–Internship Match Fund with the goal of attracting and maximizing industry participation.

(b) The public purpose of the Scholar–Internship Match Fund shall be to provide a match for industry scholarships given to Massachusetts students going on to study for a post-secondary degrees at Massachusetts public higher education institutions. The amount to be matched through the Scholar–Internship Match Fund shall not exceed $5,000 per student, contingent upon receiving a corresponding industry scholarship or internship of up to the same amount.

(c) The commissioner of higher education shall, not later than July 1, annually report to the house and senate committees on ways and means, the joint committee on economic development and emerging technologies, the joint committee on labor and workforce development, the joint committee on education and the joint committee on higher education. The report shall include: (i) a list of matching scholarship recipients; (ii) the associated match amount; (iii) the amounts of non-state funding as a result of the match; (iv) the purposes of the match; (v) whether there was an internship associated with the industry match; (vi) an annual statement of cash inflows and outflows detailing the sources and uses of funds; (vii) a forecast of future payments based on current binding obligations; and (viii) a detailed account of the purposes and amount of administrative costs charged to the fund. The chancellor shall include in annual report a detailed 5 year legislative review of the Scholar–Internship Match Fund for consideration for recapitalization.